Deck 2: The Entrepreneurial Mind: Crafting a Personal Entrepreneurial Strategy

Question 1

The average age of entrepreneurs starting high-potential businesses is in the mid-40s.

Answer 1

False

Question 2

In the context of entrepreneurship,the need for affiliation relates to the importance of key circles of influence.

Answer 2

False

Question 3

According to the authors,which of the seven dominant themes of entrepreneurship is the most important?

A) Leadership
B) Opportunity Obsession
C) Courage
D) Commitment and Determination
E) Tolerance of Risk,Ambiguity and Uncertainty

Answer 3

D

Question 4

An organization's needs are satisfied ___________ those of the other constituents the enterprise serves.

A) in parallel with
B) before
C) after
D) None of the above;depends on the situation

Question 5

Which of the following is not one of the three attributes that research has shown underlie the success in a new venture?

A) The ability to respond positively to challenges and learn from mistakes
B) The ability to attract and motivate an effective team
C) Personal initiative
D) Perseverance

Question 6

One somewhat predictable research finding was that entrepreneurial leaders are not patient individuals.

Question 7

In the context of entrepreneurship,the need for power is about achieving influence.

Question 8

Evidence suggests that the most durable entrepreneurial careers,those found to last 25 years or more,were begun at an earlier age before the person had made any substantial commitments to a specific career path.

Question 9

Successful entrepreneurs possess a well-developed capacity to exert influence without formal power.

Question 10

Research has found that people are motivated by which of the following?

A) The need for achievement
B) The need for power
C) The need for affiliation
D) All of the above

Question 11

Entrepreneurs work longer and harder than managers in big companies.

Question 12

Many successful entrepreneurs do not have prior industry experience.

Question 13

Successful entrepreneurs are likely to be older and have at least how many years of experience?

A) 3
B) 5
C) 8
D) 12

Question 14

Successful entrepreneurs consistently focus on what?

A) Market-based opportunity
B) Attracting resources
C) Networking
D) Making money

Question 15

Almost without exception,entrepreneurs live under huge,constant pressures until their firms have survived the startup phase;after that,it typically gets easier.

Question 16

Which of the following is the least characteristic driver of successful entrepreneurs?

A) Achievement
B) Control
C) Power
D) Patience

Question 17

Entrepreneurs personally compete against others with self-imposed standards that are realistic and challenging.

Question 18

Successful entrepreneurs often exhibit a strong need for status,money and power.

Question 19

Successful entrepreneurs are likely to have accumulated the net worth and/or credibility prior to starting their venture.

Question 20

Which of the following attributes are not entrepreneurial?

A) Invulnerability
B) Perfectionist
C) Outer control
D) All of the above

Question 21

Since entrepreneurs frequently evolve from an entrepreneurial heritage or are shaped and nurtured by their closeness to entrepreneurs and others,the concept of ________ can be a useful one.

Question 22

Crafting a personal entrepreneurial strategy can be viewed as the personal equivalent of developing a ________.

Question 23

For a successful entrepreneur,seeking and using ________ is central to the habit of learning from mistakes and setbacks,and of responding to the unexpected.

Question 24

Most successful entrepreneurs have had a ________ to help them achieve their dreams and goals,both implicitly and explicitly.

Question 25

Which of the following is not a persistent myth about entrepreneurs?

A) Leaders are born,not made
B) Entrepreneurs are gamblers
C) Solo entrepreneurs limit their potential for growth
D) Entrepreneurs should be young and energetic

Question 26

Entrepreneurs can recognize the difference between a good idea and a viable ________.

Question 27

Which is not true about self-assessment feedback?

A) It's hard to obtain
B) It's hard to receive
C) It's hard to benefit from
D) All are true

Question 28

Successful entrepreneurs are not gamblers;they take ________.

Question 29

According to research,which of the following statements is false?

A) Many successful entrepreneurs do not have prior industry experience
B) Most successful entrepreneurs start companies by their late 20s
C) Most successful entrepreneurs follow a pattern of apprenticeship
D) Family firms spawn entrepreneurs

Question 30

Discuss the concept of 'hero maker' with regard to entrepreneurial leadership.

Question 31

What plays a significant role in influencing an entrepreneur's values,motivations,attitudes,and behaviors?

Question 32

Which of the following is not a paradox of entrepreneurship?

A) Flexibility vs.opportunity focus
B) Resource requirements vs.ownership
C) Age vs.experience
D) Drive and ambition vs.wisdom and judgment

Question 33

Name the conceptual scheme for thinking about the self-assessment process where there are two sources of information about the self: the individual,and others.

Question 34

Numerous studies show a strong connection between the presence of ________ in their lives and the emergence of successful entrepreneurs.

Question 35

Increasingly,research studies on the career paths of entrepreneurs and the self-employed suggest that which of the following is the central factor in successful venture creation?

A) Networking
B) The ability to marshal resources
C) Experience and know-how
D) The ability to attract and motivate an effective team

Question 36

Crafting a Personal Entrepreneurial Strategy can

A) Create tension and pressure
B) Heighten the fear of failure
C) Spark action towards achievable goals
D) All of the above

Question 37

The ________ is the need to build a warm relationship with someone else and/or to enjoy mutual friendship.

Question 38

According to venture investors,what is a realistic time frame for growing a higher potential business to the point where a capital gain can be realized?

A) 1-3 years
B) 2-5 years
C) 5-7 years
D) 7-8 years

Question 39

The ________ is the need to excel and for measurable personal accomplishment.

Question 40

In general,how long will venture capitalists work with a start-up before declaring the company a 'lemon'?

A) Up to a year
B) About two and half years
C) At least three years
D) Three to five years

Question 41

In what ways is having Courage an important part of being an entrepreneur?